10 things you need to know today

Spanish bullfighter Alvaro
Lorenzo with an Alcurrucen ranch fighting bull during a bullfight
in Aranjuez, near Madrid.AP/Daniel
Ochoa de Olza

Here is what you need to know before markets open on the first
day of June.

Greece's debt saga drags on. The weekend has
passed without a resolution for Greece and its creditors. The
government was given some reprieve after the International
Monetary Fund announced all four of its June payments could be
made at once. This has bought some time as the first, a €310
million payment, was scheduled for Friday. "It is due to the
insistence of certain institutional actors on submitting absurd
proposals and displaying a total indifference to the recent
democratic choice of the Greek people, despite the public
admission of the three institutions that necessary flexibility
will be provided in order to respect the popular verdict," noted
Greece's prime minister, Alexis Tsipras. Greece's two-year yield
is higher by 104 basis points at 23.99%.

China's manufacturing data was in line. China's
Manufacturing PMI edged up to 50.2 in May after posting a 50.1 in
April. Meanwhile, HSBC Final Manufacturing climbed to 49.2 in May
from 48.9 in April. The number marked a
third straight month of contraction as it was below the 50.0
expansion/contraction line. Also notable was the 10.9% plunge in
May in South Korean exports, the biggest drop in almost six
years. China's yuan was little changed at 6.1993.

Russia GDP contracted sharply. Russia's gross
domestic product slumped 4.2% YoY in April after a 2.7%
contraction in March. The drop in April marks the fifth decline
in six months and shows the economic slowdown in Russia is
accelerating. According to MarketWatch: "The economy ministry
predicts that Russia's GDP will shrink by 2.8% this year but will
start growing by at least 2.3% a year in 2016-2018." Russia's
ruble is weaker by 1.8% at 53.29 per dollar.

Eurozone Manufacturing PMI data was mixed.
Peripheral countries including Spain and Italy saw their readings
climb to multiyear highs. Spain's Manufacturing PMI jumped to
55.8, its best level in eight years, and Italy's climb to 56.48,
a four-year high. France slightly outpaced the 49.3 that was
expected, as it registered a 49.4 print, but the sector remained
in contraction. Germany's reading missed estimates and slumped to
51.1, its weakest level of 2015. The euro is down 0.6% at 1.0925.

Italian Prime Minister Matteo Renzi's party lost a key
regional election. Mario Renzi's party won five of seven
regional elections
but suffered a defeat in the key northwest region of Liguria.
The elections saw populist parties make further gains in regional
races with the anti-euro Five Star Movement taking about 20% of
the vote in four races and 15% of the vote in the others. Italy's
10-year yield is up 6 basis points at 1.91%.

Macau gaming revenue posted a huge drop.
Gaming revenue tumbled 37.1% versus last year to 20.35
billion pacatas, beating the 38.5% decline that was expected. The
lackluster gaming data was accompanied by a drop to 79.4% in the
hotel occupancy rate, which was about 85% at the beginning of
2015. In Hong Kong, casino-related stocks were all down about 3%
on the news.

Citigroup is expected to close its Banamex USA
unit. The investment bank could shut down the unit after
federal authorities announced an investigation into
possible violations of anti-money-laundering laws. Reuters
reports: "Regulators are not seeking such a move from Citigroup,
but they want the unit to pay more than $100 million to settle
the allegations." A large portion of the unit's business focuses
on people who need to move money across the border to Mexico.

Humana is considering selling itself. The health
insurer is
considering selling itself after being approached by several
competitors. Late Friday, shares spiked by more than 20% as
word of a potential deal began to surface. According to The New
York Times: "The last wave occurred in 2011 and 2012, when Cigna
acquired HealthSpring for $3.8 billion; and Aetna bought Coventry
Health Care in a deal valued at $5.7 billion."

US economic data is heavy. Personal income and
spending and core personal consumption expenditure prices will be
released at 8:30 a.m. ET, while ISM Index and construction
spending are set to cross the wires at 10 a.m. ET.